Prudential's Tidjane Thiam turns down World Bank

It was, in the end, an offer he could refuse. Tidjane Thiam, the chief
executive of Prudential, has turned down a top job at the World Bank despite
a personal request from Barack Obama’s chief of staff.

Mr Thiam was sounded out about the role and was told his candidacy was supported not just by the US but by France and other countriesPhoto: Bloomberg News

Mr Thiam, who has run the London-headquartered insurer since October 2009, was offered the role of chief executive of the International Finance Corporation (IFC), the private sector arm of the World Bank.

The Sunday Telegraph has learnt that during a meeting at the White House in July with Jack Lew, Mr Obama’s chief of staff, Mr Thiam was sounded out about the role and was told his candidacy was supported not just by the US but by France and other countries.

However, Mr Thiam turned down the position and told Mr Lew he was committed to remaining with Prudential.

On August 9, after Mr Thiam declined the offer, the IFC appointed Jin-Yong Cai, Goldman Sachs’ former head in China, its new chief executive.

The IFC, based in Washington, offers investment and asset management services to encourage and establish private sector development in parts of the developing world. The position of chief executive is seen by many as second only to head of the World Bank in international development circles.

That Mr Thiam should be considered for such a position will not surprise his inner circle, given his increasing role as a statesman on the international scene. In January 2011, he was appointed chairman of the G20’s high-level panel on infrastructure investment, which reported to the G20 summit in Cannes in November 2011.

The Sunday Telegraph understands that as a result of that role he was invited by Jin Liqun, chairman of China Investment Corporation, to speak at the International Forum of Sovereign Wealth Funds (IFSWF).

The forum, which took place in Mexico City a week ago, consists of the world’s 20 largest sovereign funds, which together manage in excess of $4.5 trillion (£2.7 trillion). Mr Thiam was asked to speak on the future of infrastructure investing and it is known his candidacy for the IFC role was discussed on the sidelines of the conference. In addition, Mr Thiam is understood to have used five minutes of his presentation slot to highlight the benefits of investing in Prudential, in particular his Asian growth strategy.

Shareholders in Prudential are likely to be reassured that he has shown his commitment to remaining with the insurer long term. Despite some concern around his leadership following the collapse of the $35.5bn bid for AIA in 2010, since then he has grown to being highly rated among investors, with Prudential’s shares up 33.75pc in the year to date.

An IFC spokesman said: “IFC does not comment on rumour and speculation, or on personnel issues. The selection of the new IFC CEO was a decision made by the World Bank president and our board”.

A Prudential spokesman declined to comment, other than to reiterate that Mr Thiam remains committed to his role as chief executive.